HNRG vs INSP: Correlation
How closely do Hallador Energy Company (HNRG) and Inspire Medical Systems, Inc. (INSP) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNRG and INSP?
On 3 years of weekly data the HNRG/INSP correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.24 over 3 years. The 5-year figure is -0.15, and annualized covariance runs at -1151.9 %².
Out of 11 assets tracked against HNRG, INSP lands near the bottom at #10. The last year tells two different stories: HNRG led by 36.1 percentage points, +2.0% for HNRG against -34.1% for INSP.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HNRG vs INSP: side by side
| HNRG (Hallador Energy Company) | INSP (Inspire Medical Systems, Inc.) | |
|---|---|---|
| 1-year return | +2.0% | -34.1% |
| 5-year return | +629.4% | -72.6% |
| Volatility (ann.) | 72.5% | 67.2% |
| Beta vs S&P 500 | 1.09 | 0.77 |
| Max drawdown (3Y) | -71.1% | -84.1% |
| Market cap | $0.8B | $1.8B |
| P/E (trailing) | 831.5 | 13.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNRG | INSP |
|---|---|---|
| 2022 | +306.1% | +9.5% |
| 2023 | -11.5% | -19.2% |
| 2024 | +29.5% | -8.9% |
| 2025 | +66.3% | -50.2% |
| 2026 | -12.7% | -34.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNRG and INSP good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HNRG and INSP?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.11 over the last year and -0.15 over 5 years.
Is INSP a good diversifier for HNRG?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hnrg-vs-insp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hnrg-vs-insp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HNRG correlations · INSP correlations
